The CARES Act Includes New Credit Reporting Guidelines—This Is What Lenders Need to Know
Congress’ stimulus bill has broad accommodations for credit reporting. Banks need to have the right controls in place.
US consumers are already strapped with historic amounts of debt—and the economic effects of COVID-19 threaten to exacerbate the problem drastically. Provisions in Congress’ sweeping stimulus package should help, including those related to credit reporting.
Lenders should act fast to adjust to this shifting landscape.